Cover
Cover | 9 Months Ended |
Mar. 31, 2023 | |
Cover [Abstract] | |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | Client made edits |
Entity Registrant Name | PRECISION OPTICS CORPORATION, INC. |
Entity Central Index Key | 0000867840 |
Entity Tax Identification Number | 04-2795294 |
Entity Incorporation, State or Country Code | MA |
Entity Address, Address Line One | 22 East Broadway |
Entity Address, City or Town | Gardner |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 01440 |
City Area Code | (978) |
Local Phone Number | 630-1800 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 612,095 | $ 605,749 |
Accounts receivable, net of allowance for doubtful accounts of $74,593 at March 31, 2023 and $44,135 at June 30, 2022 | 4,389,907 | 2,663,872 |
Inventories | 2,959,732 | 3,079,938 |
Prepaid expenses | 307,663 | 213,448 |
Total current assets | 8,269,397 | 6,563,007 |
Fixed Assets: | ||
Machinery and equipment | 3,225,483 | 3,215,412 |
Leasehold improvements | 794,894 | 786,112 |
Furniture and fixtures | 233,547 | 219,999 |
Total fixed assets | 4,253,924 | 4,221,523 |
Less—Accumulated depreciation and amortization | 3,809,303 | 3,651,843 |
Net fixed assets | 444,621 | 569,680 |
Operating lease right-to-use asset | 399,007 | 517,725 |
Patents, net | 249,408 | 229,398 |
Goodwill | 8,824,210 | 8,824,210 |
TOTAL ASSETS | 18,186,643 | 16,704,020 |
Current Liabilities: | ||
Current portion of financing lease obligation | 42,397 | 40,705 |
Current maturities of long-term debt | 371,429 | 367,714 |
Current portion of acquisition earn out liabilities | 571,838 | 166,667 |
Accounts payable | 2,649,248 | 2,239,175 |
Contract liabilities | 1,387,806 | 905,113 |
Accrued compensation and other | 1,305,678 | 716,702 |
Operating lease liability | 166,316 | 150,565 |
Total current liabilities | 6,494,712 | 4,586,641 |
Financing lease obligation, net of current portion | 79,701 | 111,691 |
Long-term debt, net of current maturities and debt issuance costs | 1,681,642 | 1,961,141 |
Acquisition earn out liability, net of current portion | 0 | 705,892 |
Operating lease liability, net of current portion | 232,691 | 367,160 |
Stockholders’ Equity: | ||
Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 5,640,995 shares at March 31, 2023 and 5,638,302 June 30, 2022 | 56,410 | 56,383 |
Additional paid-in capital | 57,784,369 | 57,009,506 |
Accumulated deficit | (48,142,882) | (48,094,394) |
Total stockholders’ equity | 9,697,897 | 8,971,495 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 18,186,643 | $ 16,704,020 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 74,593 | $ 44,135 |
Common Stock par value | $ 0.01 | $ 0.01 |
Common Stock shares authorized | 50,000,000 | 50,000,000 |
Common Stock shares issued | 5,640,995 | 5,638,302 |
Common Stock shares outstanding | 5,640,995 | 5,638,302 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 5,048,065 | $ 4,651,352 | $ 16,020,327 | $ 10,884,737 |
Cost of goods sold | 3,311,967 | 2,923,143 | 10,045,316 | 7,397,914 |
Gross profit | 1,736,098 | 1,728,209 | 5,975,011 | 3,486,823 |
Research and development expenses, net | 206,375 | 214,898 | 660,518 | 433,248 |
Selling, general and administrative expenses | 2,022,991 | 1,574,432 | 5,338,498 | 3,974,824 |
Business acquisition expenses | 0 | 0 | 0 | 172,174 |
Total operating expenses | 2,229,366 | 1,789,330 | 5,999,016 | 4,580,246 |
Operating income (loss) | (493,268) | (61,121) | (24,005) | (1,093,423) |
Other income (expense) | ||||
Interest expense | (48,124) | (52,778) | (167,443) | (104,290) |
Gain on revaluation of contingent earn-out liability | 142,960 | 0 | 142,960 | 0 |
Net income (loss) | $ (398,432) | $ (113,899) | $ (48,488) | $ (1,197,713) |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||||||
Earnings Per Share, Basic | $ (0.07) | $ 0.09 | $ (0.03) | $ (0.02) | $ (0.01) | $ (0.23) |
Earnings Per Share, Diluted | $ (0.07) | $ 0.09 | $ (0.03) | $ (0.02) | $ (0.01) | $ (0.23) |
Basic | 5,640,473 | 5,600,953 | 5,639,015 | 5,181,896 | ||
Fully Diluted | 5,640,473 | 5,600,953 | 5,639,015 | 5,181,896 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock Subscribed [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jun. 30, 2021 | $ 44,274 | $ 50,552,831 | $ (47,165,978) | $ 3,431,127 | |
Beginning balance, shares at Jun. 30, 2021 | 4,427,432 | ||||
Stock-based compensation | 160,071 | 160,071 | |||
Proceeds from private placement of common stock subscribed, net of estimated issuance costs of $10,000 | (10,000) | 1,030,000 | 1,020,000 | ||
Net loss | (576,801) | (576,801) | |||
Ending balance, value at Sep. 30, 2021 | $ 44,274 | 50,702,902 | 1,030,000 | (47,742,779) | 4,034,397 |
Ending balance, shares at Sep. 30, 2021 | 4,427,432 | ||||
Beginning balance, value at Jun. 30, 2021 | $ 44,274 | 50,552,831 | (47,165,978) | 3,431,127 | |
Beginning balance, shares at Jun. 30, 2021 | 4,427,432 | ||||
Net loss | (1,197,713) | ||||
Ending balance, value at Mar. 31, 2022 | $ 56,292 | 56,835,740 | 0 | (48,363,691) | 8,528,341 |
Ending balance, shares at Mar. 31, 2022 | 5,629,219 | ||||
Beginning balance, value at Sep. 30, 2021 | $ 44,274 | 50,702,902 | 1,030,000 | (47,742,779) | 4,034,397 |
Beginning balance, shares at Sep. 30, 2021 | 4,427,432 | ||||
Stock-based compensation | 330,451 | 330,451 | |||
Net loss | (507,013) | (507,013) | |||
Proceeds from exercise of stock options | $ 50 | 16,600 | 16,650 | ||
Exercise of stock options net of 32,018 shares withheld, shares | 875 | ||||
Proceeds from exercise of stock option, shares | 5,000 | ||||
Exercise of stock options net of 32,018 shares withheld | $ 9 | (9) | 0 | 0 | 0 |
Exercise Of Stock Options Net Of Shares Withheld Value | |||||
Proceeds from private placement of common stock | $ 3,125 | 1,496,875 | (1,030,000) | 470,000 | |
Proceeds from private placement of common stock, shares | 312,500 | ||||
Issuance of common stock in business acquisition | $ 8,333 | 4,816,667 | 4,825,000 | ||
Issuance of common stock in business acquisition, shares | 833,333 | ||||
Issuance of common stock for employee services | $ 30 | 19,970 | 20,000 | ||
Issuance of common stock for employee services, shares | 3,031 | ||||
Ending balance, value at Dec. 31, 2021 | $ 55,821 | 57,383,456 | (48,249,792) | 9,189,485 | |
Ending balance, shares at Dec. 31, 2021 | 5,582,171 | ||||
Correction of error in valuation of stock issued in business acquisition | (825,000) | (825,000) | |||
Stock-based compensation | 231,115 | 231,115 | |||
Net loss | (113,899) | (113,899) | |||
Proceeds from exercise of stock options | $ 144 | 46,496 | 46,640 | ||
Exercise of stock options net of 32,018 shares withheld, shares | 32,648 | ||||
Proceeds from exercise of stock option, shares | 14,400 | ||||
Exercise of stock options net of 32,018 shares withheld | $ 327 | (327) | 0 | 0 | 0 |
Ending balance, value at Mar. 31, 2022 | $ 56,292 | 56,835,740 | 0 | (48,363,691) | 8,528,341 |
Ending balance, shares at Mar. 31, 2022 | 5,629,219 | ||||
Beginning balance, value at Jun. 30, 2022 | $ 56,383 | 57,009,506 | (48,094,394) | 8,971,495 | |
Beginning balance, shares at Jun. 30, 2022 | 5,638,302 | ||||
Stock-based compensation | 74,990 | 74,990 | |||
Net loss | (158,724) | (158,724) | |||
Ending balance, value at Sep. 30, 2022 | $ 56,383 | 57,084,496 | (48,253,118) | 8,887,761 | |
Ending balance, shares at Sep. 30, 2022 | 5,638,302 | ||||
Beginning balance, value at Jun. 30, 2022 | $ 56,383 | 57,009,506 | (48,094,394) | 8,971,495 | |
Beginning balance, shares at Jun. 30, 2022 | 5,638,302 | ||||
Net loss | (48,488) | ||||
Ending balance, value at Mar. 31, 2023 | $ 56,410 | 57,784,369 | 0 | (48,142,882) | 9,697,897 |
Ending balance, shares at Mar. 31, 2023 | 5,640,995 | ||||
Beginning balance, value at Sep. 30, 2022 | $ 56,383 | 57,084,496 | (48,253,118) | 8,887,761 | |
Beginning balance, shares at Sep. 30, 2022 | 5,638,302 | ||||
Stock-based compensation | 244,786 | 244,786 | |||
Net loss | 508,668 | 508,668 | |||
Ending balance, value at Dec. 31, 2022 | $ 56,383 | 57,329,282 | (47,744,450) | 9,641,215 | |
Ending balance, shares at Dec. 31, 2022 | 5,638,302 | ||||
Stock-based compensation | 450,014 | 450,014 | |||
Net loss | (398,432) | (398,432) | |||
Proceeds from exercise of stock options | $ 20 | 5,080 | 5,100 | ||
Exercise of stock options net of 32,018 shares withheld, shares | 693 | ||||
Proceeds from exercise of stock option, shares | 2,000 | ||||
Exercise of stock options net of 32,018 shares withheld | $ 7 | (7) | 0 | 0 | 0 |
Ending balance, value at Mar. 31, 2023 | $ 56,410 | $ 57,784,369 | $ 0 | $ (48,142,882) | $ 9,697,897 |
Ending balance, shares at Mar. 31, 2023 | 5,640,995 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 307 | 32,018 | 478 | |
Payment of stock issuance costs | $ 10,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (48,488) | $ (1,197,713) |
Adjustments to Reconcile Net Loss to Net Cash Used In Operating Activities - | ||
Gain on revaluation of contingent earn-out liability | (142,960) | 0 |
Depreciation and amortization | 157,460 | 173,887 |
Stock-based compensation expense | 769,790 | 741,637 |
Non-cash interest expense | 8,906 | 0 |
Changes in Operating Assets and Liabilities, net of effects of business acquisition - | ||
Accounts receivable, net | (1,726,035) | (791,959) |
Inventories, net | 120,206 | (623,817) |
Due from related party | 0 | 84,210 |
Prepaid expenses | (94,215) | (85,791) |
Accounts payable | 410,073 | 1,118,149 |
Customer advances | 482,693 | (258,487) |
Accrued compensation and other | 588,976 | (40,083) |
Net Cash Provided By (Used In) Operating Activities | 526,406 | (879,967) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additional patent costs | (20,010) | (23,098) |
Purchases of fixed assets | (32,401) | (59,562) |
Acquisition of business | 0 | (421,729) |
Net Cash Used In Investing Activities | (52,411) | (504,389) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment of financing lease obligation | (30,298) | (28,546) |
Payments of long-term debt | (275,784) | (154,453) |
Payment of debt issuance costs | 0 | (26,000) |
Payment of acquisition earn-out liability | (166,667) | 0 |
Gross proceeds from private placement of common stock | 0 | 1,500,000 |
Gross proceeds from exercise of stock options | 5,100 | 63,290 |
Net Cash (Used In) Provided By Financing Activities | (467,649) | 1,354,291 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 6,346 | (30,065) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 605,749 | 861,650 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 612,095 | 831,585 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | ||
Offering costs included in accrued compensation and other | 0 | 10,000 |
Issuance of common stock for services | 0 | 0 |
Acquisition of business financed with long-term debt | $ 0 | $ 2,600,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Operations The accompanying consolidated financial statements include the accounts of Precision Optics Corporation, Inc. and its wholly-owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. These consolidated financial statements have been prepared by the Company, without audit, and reflect normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the results of the third quarter and nine months of the Company’s fiscal year 2023. These consolidated financial statements do not include all disclosures associated with annual consolidated financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company’s consolidated financial statements for the year ended June 30, 2022, together with the Report of Independent Registered Public Accounting Firm filed under cover of the Company’s 2022 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on September 27, 2022. Reclassifications Certain reclassifications have been made to conform the prior period consolidated financial statements to the current period. Reverse Stock Split In February 2022, the Company’s Board of Directors authorized a reverse split of the Company’s outstanding shares of common stock within a stated range of 1:1.5 to 1:3, which was subsequently approved by stockholders holding more than a majority of the outstanding shares of Common Stock at the Company’s Annual Meeting on April 8, 2022. The Company effected the reverse stock split on a one-for-three As a result of the reverse stock split, every three shares of issued and outstanding common stock were automatically combined into one issued and outstanding share of common stock, without any change in the par value per share or the number of the Company’s authorized shares. The reverse stock split reduced the number of shares of common stock outstanding from 16,915,089 5,638,302 Unless otherwise noted, all prior year share amounts and per share calculations throughout these financial statements have been restated to reflect the impact of this 1:3 reverse stock split and to provide data on a comparable basis. Such restatements include calculations regarding the Company’s weighted-average shares, and earnings per share, as well as disclosures regarding the Company’s stock-based compensation plans. Use of Estimates The preparation of these consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Income (Loss) Per Share Basic income (loss) per share is computed by dividing net income or net loss by the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, plus the number of potentially dilutive securities outstanding during the period such as stock options. For the three and nine months ended March 31, 2023 and 2022, the effect of such securities was antidilutive and not included in the fully diluted calculation because of the net loss generated during those periods. The following is the calculation of income (loss) per share for the three and nine months ended March 31, 2023 and 2022: Schedule of earnings per share Three Months Nine Months 2023 2022 2023 2022 Net Income (Loss) - Basic and Diluted $ (398,432 ) $ (113,899 ) $ (48,488 ) $ (1,197,713 ) Weighted Average Shares Outstanding Basic and Fully Diluted 5,640,473 5,600,953 5,639,015 5,181,896 Income (Loss) Per Share Basic and Fully Diluted $ (0.07 ) $ (0.02 ) $ (0.01 ) $ (0.23 ) The number of shares issuable upon the exercise of outstanding stock options that were excluded from the computation as their effect was antidilutive was 1,058,630 939,166 Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the likelihood of utilization of existing deferred tax assets, management has considered historical results of operations and the current operating environment. Based on this evaluation, a full valuation reserve has been provided for the deferred tax assets. Goodwill and Patents Long-lived assets such as goodwill and patents are capitalized when acquired and reviewed for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be recoverable. Impairment of the carrying value of long-lived assets such as goodwill and patents would be indicated if the best estimate of future undiscounted cash flows expected to be generated by the asset grouping is less than its carrying value. If an impairment is indicated, any loss is measured as the difference between estimated fair value and carrying value and is recognized in operating income or loss. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. No such impairments of goodwill or patents have been estimated by management as of March 31, 2023. |
REVISION OF THE FIRST AND SECON
REVISION OF THE FIRST AND SECOND QUARTER FISCAL YEAR 2023 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 9 Months Ended |
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
REVISION OF THE FIRST AND SECOND QUARTER FISCAL YEAR 2023 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 2. REVISION OF THE FIRST AND SECOND QUARTER FISCAL YEAR 2023 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS During the third quarter of fiscal year 2023, the Company identified errors in the accrual of certain costs for the fiscal quarters ended September 30, 2022 and December 31, 2022, which resulted in an understatement of accounts payable and costs of goods sold for those two quarters. The corrections of these errors impacted the unaudited condensed consolidated financial statements for the first and second quarters of fiscal year 2023. The Company assessed the applicable guidance issued by the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) and concluded these misstatements were not material, individually or in the aggregate, to its unaudited condensed consolidated financial statements for the aforementioned interim periods. However, because of the significance of these items, and to facilitate comparisons among periods, the Company decided to revise the previously issued first and second quarter unaudited condensed consolidated financial information by increasing accounts payable and cost of goods sold by $85,213 and $125,752 in the quarters ended September 30, 2022 and December 31, 2022, respectively. These quarterly and year to date financial statements will be revised in subsequent filings with the Securities and Exchange Commission that include such statements, including when the first and second quarter Form 10-Q’s are filed for fiscal year 2024. Accumulated deficit at January 1, 2023 in the accompanying statement of stockholders’ equity for the quarter ended March 31, 2023 was made larger by $210,965 due to the effects of the increased expense accruals for the first and second quarters of fiscal year 2023. The following are selected line items from the financial statements illustrating the effect of the error corrections for the quarters ended September 30, 2022 and December 31, 2022: Schedule of error corrections Quarter Ended September 30, 2022 As Previously Reported Adjustment(1) As Revised Revenues $ 5,085,301 $ – $ 5,085,301 Cost of goods sold 3,360,647 85,213 3,445,860 Gross Profit 1,724,654 (85,213 ) 1,639,441 Operating loss (16,589 ) (85,213 ) (101,802 ) Net loss (73,511 ) (85,213 ) (158,724 ) Net loss per share, basic and fully diluted (0.01 ) (0.02 ) (0.03 ) Quarter Ended December 31, 2022 As Previously Reported Adjustment(1) As Revised Revenues $ 5,886,961 $ – $ 5,886,961 Cost of goods sold 3,161,737 125,752 3,287,489 Gross Profit 2,725,224 (125,752 ) 2,599,472 Operating income 696,817 (125,752 ) 571,065 Net income 634,420 (125,752 ) 508,668 Net income per share, basic 0.11 (0.02 ) 0.09 Net income per share, fully diluted 0.11 (0.02 ) 0.09 (1) The errors in each of the two fiscal quarters resulted from the omission of invoices from a small identifiable group of outside contractors used for certain services relating to research and development activities. In addition to the above adjustments, trade accounts payable will be increased in future filings by $85,213 and $210,965 as of September 30, 2022 and December 31, 2022, respectively. |
BUSINESS ACQUISITION
BUSINESS ACQUISITION | 9 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
BUSINESS ACQUISITION | 3. BUSINESS ACQUISITION On October 4, 2021, the Company acquired substantially all of the assets of Lighthouse Imaging, LLC, of Windham, Maine, a medical optics and digital imaging business operating as a designer and manufacturer of advanced optical imaging systems and accessories with a strong expertise in electrical engineering and development of end-to-end medical visualization devices. The actual results of operations of the Lighthouse division are included in the accompanying consolidated financial statements as of, and for the three and nine months ended, March 31, 2023, and for the six months ended March 31, 2022. The purchase price for Lighthouse Imaging included $ 1,500,000 750,000 The second $ 750,000 600,000 150,000 600,000 Consolidated unaudited actual and pro forma results of operations for the Company are presented below assuming that the acquisition of the Lighthouse division had occurred on July 1, 2021. Pro forma operating results include net adjustments resulting from the acquisition transaction during the three months ended September 30, 2021. Schedule of consolidated pro forma results Three Months Nine Months 2023 2022 2023 2022 (Actual) (Actual) (Actual) (Pro Forma) Revenues $ 5,048,065 $ 4,651,352 $ 16,020,327 $ 12,329,074 Net loss (398,432 ) (113,899 ) (48,488 ) (1,140,418 ) Net loss per share: Basic and fully diluted $ (0.07 ) $ (0.02 ) $ (0.01 ) $ (0.20 ) Pro forma financial information is not necessarily indicative of the Company’s actual results of operations if the acquisition had been completed at the date indicated, nor is it necessarily an indication of future operating results. Amounts do not include any operating efficiencies or cost saving that the Company believes may be achievable. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 4. INVENTORIES Inventories are stated at the lower of cost (first-in, first-out) or market and consisted of the following: Schedule of inventory March 31, June 30, Raw Materials $ 1,402,292 $ 1,414,996 Work-In-Progress 393,078 518,251 Finished Goods 1,164,362 1,146,691 Total Inventories $ 2,959,732 $ 3,079,938 |
BANK FINANCING ACTIVITIES
BANK FINANCING ACTIVITIES | 9 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
BANK FINANCING ACTIVITIES | 5. BANK FINANCING ACTIVITIES Bank Line of Credit On October 4, 2021, the Company entered into a Loan Agreement with Main Street Bank of Marlborough, Massachusetts, which provided for a $ 2,600,000 250,000 500,000 9.50 Long-Term Debt Long-term debt consists of the following at March 31, 2023: Schedule of long-term debt Amount Term Loan Note payable to Main Street Bank with monthly 30,952 7.00 October 15, 2028 $ 2,073,808 Less current maturities (371,429 ) Less debt issuance costs, net of accumulated amortization of $ 2,789 (20,737 ) Long-term debt, net of current portion of debt issuance costs $ 1,681,642 At March 31, 2023 principal payments due on the Term Loan Note payable are as follows: Schedule of principal payments due term loan note payable Fiscal Year Ending June 30: 2023 $ 92,856 2024 371,429 2025 371,429 2026 371,429 2027 371,429 Thereafter 495,236 Total long term debt $ 2,073,808 |
LEASE OBLIGATIONS
LEASE OBLIGATIONS | 9 Months Ended |
Mar. 31, 2023 | |
Lease Obligations | |
LEASE OBLIGATIONS | 6. LEASE OBLIGATIONS In March 2021 the Company entered into a five-year financing lease in the amount of $ 161,977 47,750 114,695 On July 1, 2019 the Company entered into a three-year operating lease for its facility in El Paso, Texas, and in February 2022 the Company entered into an extension of the lease for an additional three years through June 2025. Remaining minimum lease payments at March 31, 2023 total $ 101,928 15,973 15,705 On October 4, 2021 the Company assumed the remaining term of the Windham, Maine lease as part of the Lighthouse acquisition. The lease expires on July 31, 2025. Remaining minimum lease payments at March 31, 2023 total $ 321,365 36,495 Included in the accompanying balance sheet at March 31, 2023 is a right-of-use asset of $ 399,007 166,316 232,691 At March 31, 2023 future minimum lease payments under the financing lease and operating lease obligations are as follows: Future minimum lease payments Fiscal Year Ending June 30: Financing Leases Operating Lease 2023 $ 12,155 $ 45,389 2024 48,619 182,652 2025 43,917 183,775 2026 28,028 11,477 Total Minimum Payments 132,719 $ 423,293 Less: amount representing interest 10,621 Present value of minimum lease payments 122,098 Less: current portion 42,397 $ 79,701 The Company’s operating leases for its Gardner, Massachusetts office, production and storage spaces plus an equipment lease have expired and are continuing on a month-to-month tenant at will basis. Rent expense on these operating leases was $ 150,862 152,078 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
STOCK-BASED COMPENSATION | 7. STOCK-BASED COMPENSATION Stock Options The following table summarizes stock-based compensation expense for the three and nine months ended March 31, 2023 and 2022: Schedule of stock-based compensation expense Three Months Nine Months 2023 2022 2023 2022 Cost of Goods Sold $ 9,556 $ 34,712 $ 25,410 $ 91,542 Research and Development 41,140 70,237 122,198 164,036 Selling, General and Administrative 399,318 126,166 622,182 466,059 Stock Based Compensation Expense $ 450,014 $ 231,115 $ 769,790 $ 721,637 No compensation has been capitalized because such amounts would have been immaterial. The following tables summarize stock option activity for the nine months ended March 31, 2023: Schedule of stock option activity Options Outstanding Number of Weighted Average Weighted Average Outstanding at June 30, 2022 904,626 $ 4.00 7.08 Exercised (3,000 ) 2.55 – Granted 179,003 6.03 – Cancelled (21,999 ) 5.84 – Outstanding at March 31, 2023 1,058,630 $ 4.31 6.79 Information related to the stock options outstanding as of March 31, 2023 is as follows: Schedule of stock options outstanding by exercise price range Range of Number of Weighted- Weighted- Exercisable Exercisable $ 1.44 20,000 3.00 $ 1.44 20,000 $ 1.44 $ 1.50 26,666 3.22 $ 1.50 26,666 $ 1.50 $ 1.65 5,000 5.01 $ 1.65 5,000 $ 1.65 $ 2.10 33,333 5.35 $ 2.10 33,333 $ 2.10 $ 2.19 208,996 3.92 $ 2.19 208,996 $ 2.19 $ 2.70 12,000 1.19 $ 2.70 12,000 $ 2.70 $ 3.75 15,000 6.97 $ 3.75 15,000 $ 3.75 $ 3.90 146,325 6.20 $ 3.90 146,325 $ 3.90 $ 4.20 23,332 7.64 $ 4.20 23,332 $ 4.20 $ 4.26 33,333 6.45 $ 4.26 33,333 $ 4.26 $ 4.35 1,666 7.94 $ 4.35 1,666 $ 4.35 $ 4.50 23,332 6.69 $ 4.50 23,332 $ 4.50 $ 5.04 179,997 8.18 $ 5.04 179,997 $ 5.04 $ 5.43 10,000 8.51 $ 5.43 10,000 $ 5.43 $ 5.61 10,000 9.12 $ 5.61 – $ – $ 5.85 58,336 8.76 $ 5.85 2,780 $ 5.85 $ 5.93 4,000 9.78 $ 5.93 4,000 $ 5.93 $ 6.00 29,997 7.97 $ 6.00 10,000 $ 6.00 $ 6.26 90,000 9.75 $ 6.26 90,000 $ 6.26 $ 6.27 80,653 8.86 $ 6.27 26,884 $ 6.27 $ 6.78 46,664 8.64 $ 6.78 35,554 $ 6.78 1.44 6.78 1,058,630 6.79 $ 4.31 908,198 $ 4.02 The aggregate intrinsic value of the Company’s in-the-money outstanding and exercisable options as of March 31, 2023 was $ 2,623,768 2,515,877 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | 8. REVENUE RECOGNITION Revenues are recognized as the performance obligations to deliver products or services are satisfied and are recorded based on the amount of consideration the Company expects to receive in exchange for satisfying the performance obligations. Most of the Company’s products and services are marketed to medical device companies with over 93% of all revenues to customers in the United States. Products and services are primarily transferred to customers at a point in time based upon when services are performed or product is shipped. Other selling costs to obtain and fulfill contracts are expensed as incurred due to the short-term nature of a majority of its contracts. The Company extends terms of payment to its customers based on commercially reasonable terms for the markets of its customers, while also considering their credit quality. Shipping and handling costs charged to customers are included in revenue. The Company disaggregates revenues by product and service types as it believes it best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. Technology rights revenue represents amounts paid by customers for rights to use the Company’s intellectual property including product designs, patents, and know-how to manufacture and commercialize their products under specified contractual conditions. Revenues are comprised of the following for the three and nine months ended March 31, 2023 and 2022: Schedule of disaggregation of revenues Three Months Nine Months 2023 2022 2023 2022 Engineering Design Services $ 1,400,780 $ 1,532,414 $ 4,745,358 $ 3,659,667 Optical Components 2,609,983 1,927,963 7,842,804 4,873,294 Medical Device Products and Assemblies 1,037,302 1,190,975 2,832,165 2,351,776 Technology Rights – – 600,000 – Total Revenues $ 5,048,065 $ 4,651,352 $ 16,020,327 $ 10,884,737 Contract Assets and Liabilities The nature of the Company’s products and services does not generally give rise to contract assets as it typically does not incur costs to fulfill a contract before a product or service is provided to a customer. The Company’s costs to obtain contracts are typically in the form of sales commissions paid to employees. The Company has elected to expense sales commissions associated with obtaining a contract as incurred as the amortization period is generally less than one year. These costs have been recorded in selling, general and administrative expenses. As of March 31, 2023, there were no contract assets recorded in the Company’s Consolidated Balance Sheets. The Company’s contract liabilities arise from unearned revenue received from customers at inception of contracts or where the timing of billing for services precedes satisfaction of our performance obligations. The Company generally satisfies performance obligations within one year from the contract inception date. Contract liabilities, which were recorded as customer advances in the Company’s Consolidated Balance Sheets, and unearned revenue are comprised of the following: Schedule of contract liabilities Three Months Nine Months 2023 2022 2023 2022 Contract Liabilities, Beginning of Period $ 794,981 $ 1,137,470 $ 905,113 $450,084 Assumed in Business Acquisition – – – 826,679 Unearned Revenue Received from Customers 1,020,669 774,316 1,917,775 1,388,700 Revenue Recognized (427,844 ) (893,511 ) (1,435,082 ) (1,647,188) Contract Liabilities, End of Period $ 1,387,806 $ 1,018,275 $ 1,387,806 $1,018,275 |
COVID-19 PANDEMIC
COVID-19 PANDEMIC | 9 Months Ended |
Mar. 31, 2023 | |
Covid-19 Pandemic | |
COVID-19 PANDEMIC | 9. COVID-19 PANDEMIC The COVID-19 world-wide pandemic that began during the quarter ended March 31, 2020 and the domestic and international impact of policy decisions being made in major countries around the world has had, and could continue to have, an adverse impact on the Company’s sources of supply, current and future orders from its customers, collection of amounts owed to the Company from its customers, its internal operating procedures, and the Company’s overall financial condition. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Operations | Principles of Consolidation and Operations The accompanying consolidated financial statements include the accounts of Precision Optics Corporation, Inc. and its wholly-owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. These consolidated financial statements have been prepared by the Company, without audit, and reflect normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the results of the third quarter and nine months of the Company’s fiscal year 2023. These consolidated financial statements do not include all disclosures associated with annual consolidated financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company’s consolidated financial statements for the year ended June 30, 2022, together with the Report of Independent Registered Public Accounting Firm filed under cover of the Company’s 2022 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on September 27, 2022. |
Reclassifications | Reclassifications Certain reclassifications have been made to conform the prior period consolidated financial statements to the current period. |
Reverse Stock Split | Reverse Stock Split In February 2022, the Company’s Board of Directors authorized a reverse split of the Company’s outstanding shares of common stock within a stated range of 1:1.5 to 1:3, which was subsequently approved by stockholders holding more than a majority of the outstanding shares of Common Stock at the Company’s Annual Meeting on April 8, 2022. The Company effected the reverse stock split on a one-for-three As a result of the reverse stock split, every three shares of issued and outstanding common stock were automatically combined into one issued and outstanding share of common stock, without any change in the par value per share or the number of the Company’s authorized shares. The reverse stock split reduced the number of shares of common stock outstanding from 16,915,089 5,638,302 Unless otherwise noted, all prior year share amounts and per share calculations throughout these financial statements have been restated to reflect the impact of this 1:3 reverse stock split and to provide data on a comparable basis. Such restatements include calculations regarding the Company’s weighted-average shares, and earnings per share, as well as disclosures regarding the Company’s stock-based compensation plans. |
Use of Estimates | Use of Estimates The preparation of these consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. |
Income (Loss) Per Share | Income (Loss) Per Share Basic income (loss) per share is computed by dividing net income or net loss by the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, plus the number of potentially dilutive securities outstanding during the period such as stock options. For the three and nine months ended March 31, 2023 and 2022, the effect of such securities was antidilutive and not included in the fully diluted calculation because of the net loss generated during those periods. The following is the calculation of income (loss) per share for the three and nine months ended March 31, 2023 and 2022: Schedule of earnings per share Three Months Nine Months 2023 2022 2023 2022 Net Income (Loss) - Basic and Diluted $ (398,432 ) $ (113,899 ) $ (48,488 ) $ (1,197,713 ) Weighted Average Shares Outstanding Basic and Fully Diluted 5,640,473 5,600,953 5,639,015 5,181,896 Income (Loss) Per Share Basic and Fully Diluted $ (0.07 ) $ (0.02 ) $ (0.01 ) $ (0.23 ) The number of shares issuable upon the exercise of outstanding stock options that were excluded from the computation as their effect was antidilutive was 1,058,630 939,166 |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the likelihood of utilization of existing deferred tax assets, management has considered historical results of operations and the current operating environment. Based on this evaluation, a full valuation reserve has been provided for the deferred tax assets. |
Goodwill and Patents | Goodwill and Patents Long-lived assets such as goodwill and patents are capitalized when acquired and reviewed for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be recoverable. Impairment of the carrying value of long-lived assets such as goodwill and patents would be indicated if the best estimate of future undiscounted cash flows expected to be generated by the asset grouping is less than its carrying value. If an impairment is indicated, any loss is measured as the difference between estimated fair value and carrying value and is recognized in operating income or loss. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. No such impairments of goodwill or patents have been estimated by management as of March 31, 2023. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of earnings per share | Schedule of earnings per share Three Months Nine Months 2023 2022 2023 2022 Net Income (Loss) - Basic and Diluted $ (398,432 ) $ (113,899 ) $ (48,488 ) $ (1,197,713 ) Weighted Average Shares Outstanding Basic and Fully Diluted 5,640,473 5,600,953 5,639,015 5,181,896 Income (Loss) Per Share Basic and Fully Diluted $ (0.07 ) $ (0.02 ) $ (0.01 ) $ (0.23 ) |
REVISION OF THE FIRST AND SEC_2
REVISION OF THE FIRST AND SECOND QUARTER FISCAL YEAR 2023 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Schedule of error corrections Quarter Ended September 30, 2022 As Previously Reported Adjustment(1) As Revised Revenues $ 5,085,301 $ – $ 5,085,301 Cost of goods sold 3,360,647 85,213 3,445,860 Gross Profit 1,724,654 (85,213 ) 1,639,441 Operating loss (16,589 ) (85,213 ) (101,802 ) Net loss (73,511 ) (85,213 ) (158,724 ) Net loss per share, basic and fully diluted (0.01 ) (0.02 ) (0.03 ) Quarter Ended December 31, 2022 As Previously Reported Adjustment(1) As Revised Revenues $ 5,886,961 $ – $ 5,886,961 Cost of goods sold 3,161,737 125,752 3,287,489 Gross Profit 2,725,224 (125,752 ) 2,599,472 Operating income 696,817 (125,752 ) 571,065 Net income 634,420 (125,752 ) 508,668 Net income per share, basic 0.11 (0.02 ) 0.09 Net income per share, fully diluted 0.11 (0.02 ) 0.09 (1) The errors in each of the two fiscal quarters resulted from the omission of invoices from a small identifiable group of outside contractors used for certain services relating to research and development activities. In addition to the above adjustments, trade accounts payable will be increased in future filings by $85,213 and $210,965 as of September 30, 2022 and December 31, 2022, respectively. |
BUSINESS ACQUISITION (Tables)
BUSINESS ACQUISITION (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of consolidated pro forma results | Schedule of consolidated pro forma results Three Months Nine Months 2023 2022 2023 2022 (Actual) (Actual) (Actual) (Pro Forma) Revenues $ 5,048,065 $ 4,651,352 $ 16,020,327 $ 12,329,074 Net loss (398,432 ) (113,899 ) (48,488 ) (1,140,418 ) Net loss per share: Basic and fully diluted $ (0.07 ) $ (0.02 ) $ (0.01 ) $ (0.20 ) |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | Schedule of inventory March 31, June 30, Raw Materials $ 1,402,292 $ 1,414,996 Work-In-Progress 393,078 518,251 Finished Goods 1,164,362 1,146,691 Total Inventories $ 2,959,732 $ 3,079,938 |
BANK FINANCING ACTIVITIES (Tabl
BANK FINANCING ACTIVITIES (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Schedule of long-term debt Amount Term Loan Note payable to Main Street Bank with monthly 30,952 7.00 October 15, 2028 $ 2,073,808 Less current maturities (371,429 ) Less debt issuance costs, net of accumulated amortization of $ 2,789 (20,737 ) Long-term debt, net of current portion of debt issuance costs $ 1,681,642 |
Schedule of principal payments due term loan note payable | Schedule of principal payments due term loan note payable Fiscal Year Ending June 30: 2023 $ 92,856 2024 371,429 2025 371,429 2026 371,429 2027 371,429 Thereafter 495,236 Total long term debt $ 2,073,808 |
LEASE OBLIGATIONS (Tables)
LEASE OBLIGATIONS (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Lease Obligations | |
Future minimum lease payments | Future minimum lease payments Fiscal Year Ending June 30: Financing Leases Operating Lease 2023 $ 12,155 $ 45,389 2024 48,619 182,652 2025 43,917 183,775 2026 28,028 11,477 Total Minimum Payments 132,719 $ 423,293 Less: amount representing interest 10,621 Present value of minimum lease payments 122,098 Less: current portion 42,397 $ 79,701 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of stock-based compensation expense | Schedule of stock-based compensation expense Three Months Nine Months 2023 2022 2023 2022 Cost of Goods Sold $ 9,556 $ 34,712 $ 25,410 $ 91,542 Research and Development 41,140 70,237 122,198 164,036 Selling, General and Administrative 399,318 126,166 622,182 466,059 Stock Based Compensation Expense $ 450,014 $ 231,115 $ 769,790 $ 721,637 |
Schedule of stock option activity | Schedule of stock option activity Options Outstanding Number of Weighted Average Weighted Average Outstanding at June 30, 2022 904,626 $ 4.00 7.08 Exercised (3,000 ) 2.55 – Granted 179,003 6.03 – Cancelled (21,999 ) 5.84 – Outstanding at March 31, 2023 1,058,630 $ 4.31 6.79 |
Schedule of stock options outstanding by exercise price range | Schedule of stock options outstanding by exercise price range Range of Number of Weighted- Weighted- Exercisable Exercisable $ 1.44 20,000 3.00 $ 1.44 20,000 $ 1.44 $ 1.50 26,666 3.22 $ 1.50 26,666 $ 1.50 $ 1.65 5,000 5.01 $ 1.65 5,000 $ 1.65 $ 2.10 33,333 5.35 $ 2.10 33,333 $ 2.10 $ 2.19 208,996 3.92 $ 2.19 208,996 $ 2.19 $ 2.70 12,000 1.19 $ 2.70 12,000 $ 2.70 $ 3.75 15,000 6.97 $ 3.75 15,000 $ 3.75 $ 3.90 146,325 6.20 $ 3.90 146,325 $ 3.90 $ 4.20 23,332 7.64 $ 4.20 23,332 $ 4.20 $ 4.26 33,333 6.45 $ 4.26 33,333 $ 4.26 $ 4.35 1,666 7.94 $ 4.35 1,666 $ 4.35 $ 4.50 23,332 6.69 $ 4.50 23,332 $ 4.50 $ 5.04 179,997 8.18 $ 5.04 179,997 $ 5.04 $ 5.43 10,000 8.51 $ 5.43 10,000 $ 5.43 $ 5.61 10,000 9.12 $ 5.61 – $ – $ 5.85 58,336 8.76 $ 5.85 2,780 $ 5.85 $ 5.93 4,000 9.78 $ 5.93 4,000 $ 5.93 $ 6.00 29,997 7.97 $ 6.00 10,000 $ 6.00 $ 6.26 90,000 9.75 $ 6.26 90,000 $ 6.26 $ 6.27 80,653 8.86 $ 6.27 26,884 $ 6.27 $ 6.78 46,664 8.64 $ 6.78 35,554 $ 6.78 1.44 6.78 1,058,630 6.79 $ 4.31 908,198 $ 4.02 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenues | Schedule of disaggregation of revenues Three Months Nine Months 2023 2022 2023 2022 Engineering Design Services $ 1,400,780 $ 1,532,414 $ 4,745,358 $ 3,659,667 Optical Components 2,609,983 1,927,963 7,842,804 4,873,294 Medical Device Products and Assemblies 1,037,302 1,190,975 2,832,165 2,351,776 Technology Rights – – 600,000 – Total Revenues $ 5,048,065 $ 4,651,352 $ 16,020,327 $ 10,884,737 |
Schedule of contract liabilities | Schedule of contract liabilities Three Months Nine Months 2023 2022 2023 2022 Contract Liabilities, Beginning of Period $ 794,981 $ 1,137,470 $ 905,113 $450,084 Assumed in Business Acquisition – – – 826,679 Unearned Revenue Received from Customers 1,020,669 774,316 1,917,775 1,388,700 Revenue Recognized (427,844 ) (893,511 ) (1,435,082 ) (1,647,188) Contract Liabilities, End of Period $ 1,387,806 $ 1,018,275 $ 1,387,806 $1,018,275 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Loss per share) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Accounting Policies [Abstract] | ||||||
Net Income (Loss) - Basic and Diluted | $ (398,432) | $ (113,899) | $ (48,488) | $ (1,197,713) | ||
Weighted Average Shares Outstanding | ||||||
Weighted Average Number of Shares Outstanding, Basic | 5,640,473 | 5,600,953 | 5,639,015 | 5,181,896 | ||
Weighted Average Number of Shares Outstanding, Diluted | 5,640,473 | 5,600,953 | 5,639,015 | 5,181,896 | ||
Earnings Per Share, Basic | $ (0.07) | $ 0.09 | $ (0.03) | $ (0.02) | $ (0.01) | $ (0.23) |
Earnings Per Share, Diluted | $ (0.07) | $ 0.09 | $ (0.03) | $ (0.02) | $ (0.01) | $ (0.23) |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares | 3 Months Ended | 9 Months Ended | |||||
Nov. 01, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Oct. 31, 2022 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | |||||||
Stockholders' Equity, Reverse Stock Split | one-for-three | ||||||
Common Stock, Shares, Outstanding | 5,638,302 | 5,640,995 | 5,640,995 | 16,915,089 | 5,638,302 | ||
Outstanding stock options and warrants that were excluded from the computation as their effect was antidilutive | 1,058,630 | 939,166 | 1,058,630 | 939,166 |
REVISION OF FINANCIAL INFORMATI
REVISION OF FINANCIAL INFORMATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Revenues | $ 5,048,065 | $ 5,886,961 | $ 5,085,301 | $ 4,651,352 | $ 16,020,327 | $ 10,884,737 | ||
Cost of Revenue | 3,311,967 | 3,287,489 | 3,445,860 | 2,923,143 | 10,045,316 | 7,397,914 | ||
Gross Profit | 1,736,098 | 2,599,472 | 1,639,441 | 1,728,209 | 5,975,011 | 3,486,823 | ||
Operating Income (Loss) | (493,268) | 571,065 | (101,802) | (61,121) | (24,005) | (1,093,423) | ||
Net Income (Loss) Attributable to Parent | $ (398,432) | $ 508,668 | $ (158,724) | $ (113,899) | $ (507,013) | $ (576,801) | $ (48,488) | $ (1,197,713) |
Earnings Per Share, Basic | $ (0.07) | $ 0.09 | $ (0.03) | $ (0.02) | $ (0.01) | $ (0.23) | ||
Earnings Per Share, Diluted | $ (0.07) | $ 0.09 | $ (0.03) | $ (0.02) | $ (0.01) | $ (0.23) | ||
Previously Reported [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Revenues | $ 5,886,961 | $ 5,085,301 | ||||||
Cost of Revenue | 3,161,737 | 3,360,647 | ||||||
Gross Profit | 2,725,224 | 1,724,654 | ||||||
Operating Income (Loss) | 696,817 | (16,589) | ||||||
Net Income (Loss) Attributable to Parent | $ 634,420 | $ (73,511) | ||||||
Earnings Per Share, Basic | $ 0.11 | $ (0.01) | ||||||
Earnings Per Share, Diluted | $ 0.11 | $ (0.01) | ||||||
Revision of Prior Period, Adjustment [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Revenues | $ 0 | $ 0 | ||||||
Cost of Revenue | 125,752 | 85,213 | ||||||
Gross Profit | (125,752) | (85,213) | ||||||
Operating Income (Loss) | (125,752) | (85,213) | ||||||
Net Income (Loss) Attributable to Parent | $ (125,752) | $ (85,213) | ||||||
Earnings Per Share, Basic | $ (0.02) | $ (0.02) | ||||||
Earnings Per Share, Diluted | $ (0.02) | $ (0.02) |
BUSINESS ACQUISITION (Details -
BUSINESS ACQUISITION (Details - Pro Forma results) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | ||||
Revenues | $ 5,048,065 | $ 4,651,352 | $ 16,020,327 | $ 12,329,074 |
Net loss | $ (398,432) | $ (113,899) | $ (48,488) | $ (1,140,418) |
Net income (loss) per share Basic | $ (0.07) | $ (0.02) | $ (0.01) | $ (0.20) |
Net income (loss) per share Fully diluted | $ (0.07) | $ (0.02) | $ (0.01) | $ (0.20) |
BUSINESS ACQUISITION (Details N
BUSINESS ACQUISITION (Details Narrative) - USD ($) | 9 Months Ended | |||
Oct. 04, 2021 | Mar. 31, 2023 | Oct. 02, 2022 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | ||||
Contingent liability | $ 750,000 | $ 600,000 | $ 750,000 | |
Adjusted contingent liability | 600,000 | |||
Other income | $ 150,000 | |||
Lighthouse Imaging [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred, Other | $ 1,500,000 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 1,402,292 | $ 1,414,996 |
Work-In-Progress | 393,078 | 518,251 |
Finished Goods | 1,164,362 | 1,146,691 |
Total Inventories | $ 2,959,732 | $ 3,079,938 |
BANK FINANCING ACTIVITIES (Deta
BANK FINANCING ACTIVITIES (Details-Long term debt) - USD ($) | 9 Months Ended | ||
Mar. 31, 2023 | Jun. 30, 2022 | Oct. 04, 2021 | |
Debt Instrument [Line Items] | |||
Term Loan Note payable | $ 2,073,808 | ||
Less current maturities | (371,429) | ||
Accumulated amortization of debt issuance costs | 2,789 | ||
Debt issuance costs, net of accumulated amortization | (20,737) | ||
Long-term Debt, net of current portion of debt issuance costs | $ 1,681,642 | $ 1,961,141 | |
Main Street Bank [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Frequency of Periodic Payment | monthly | ||
Debt instrument periodic payment | $ 30,952 | ||
Interest rate | 7% | ||
Term loan matures | Oct. 15, 2028 | ||
Term Loan Note payable | $ 2,600,000 |
BANK FINANCING ACTIVITIES (De_2
BANK FINANCING ACTIVITIES (Details-PRINCIPAL PAYMENT) | Mar. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 92,856 |
2024 | 371,429 |
2025 | 371,429 |
2026 | 371,429 |
2027 | 371,429 |
Thereafter | 495,236 |
Total long term debt | $ 2,073,808 |
BANK FINANCING ACTIVITIES (De_3
BANK FINANCING ACTIVITIES (Details Narrative) - USD ($) | Mar. 31, 2023 | Oct. 04, 2021 |
Debt Instrument [Line Items] | ||
Term Loan | $ 2,073,808 | |
Line of credit interest rate | 9.50% | |
Main Street Bank [Member] | ||
Debt Instrument [Line Items] | ||
Revolving Line of Credit | $ 500,000 | $ 250,000 |
Main Street Bank [Member] | ||
Debt Instrument [Line Items] | ||
Term Loan | $ 2,600,000 |
LEASE OBLIGATION (Details)
LEASE OBLIGATION (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Total minimum payments | $ 101,928 | |
Capital lease obligation, current | 42,397 | $ 40,705 |
Capital lease obligation, noncurrent | 79,701 | $ 111,691 |
Operating Lease [Member] | ||
2022 | 45,389 | |
2023 | 182,652 | |
2024 | 183,775 | |
2025 | 11,477 | |
Total minimum payments | 423,293 | |
Capital Lease Obligations [Member] | ||
2022 | 12,155 | |
2023 | 48,619 | |
2024 | 43,917 | |
2025 | 28,028 | |
Total minimum payments | 132,719 | |
Less: amount representing interest | 10,621 | |
Present value of minimum lease payments | 122,098 | |
Capital lease obligation, current | 42,397 | |
Capital lease obligation, noncurrent | $ 79,701 |
LEASE OBLIGATIONS (Details Narr
LEASE OBLIGATIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2021 | Jan. 31, 2020 | |
Net book value of fixed assets under capital lease obligations | $ 114,695 | $ 114,695 | |||||
Lease payments | 101,928 | 101,928 | |||||
Operating Lease, Right-of-Use Asset | 399,007 | 399,007 | $ 517,725 | ||||
Operating Lease, Liability, Current | 166,316 | 166,316 | |||||
Operating Lease, Liability, Noncurrent | 232,691 | 232,691 | $ 367,160 | ||||
El Paso Texas [Member] | |||||||
Operating lease expense | 15,973 | $ 15,705 | |||||
Windham Maine [Member] | |||||||
Lease payments | 321,365 | 321,365 | |||||
Windham Maine Lease [Member] | |||||||
Operating lease expense | $ 36,495 | ||||||
Gardner Ma [Member] | |||||||
Operating lease expense | $ 150,862 | $ 152,078 | |||||
Manufacturing Equipment [Member] | |||||||
Capital lease obligation | $ 161,977 | ||||||
Manufacturing Equipment 2 [Member] | |||||||
Capital lease obligation | $ 47,750 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details - Stock based compensation) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Stock based compensation expense | $ 450,014 | $ 231,115 | $ 769,790 | $ 721,637 |
Cost of Sales [Member] | ||||
Stock based compensation expense | 9,556 | 34,712 | 25,410 | 91,542 |
Research and Development Expense [Member] | ||||
Stock based compensation expense | 41,140 | 70,237 | 122,198 | 164,036 |
Selling, General and Administrative Expenses [Member] | ||||
Stock based compensation expense | $ 399,318 | $ 126,166 | $ 622,182 | $ 466,059 |
STOCK-BASED COMPENSATION (Det_2
STOCK-BASED COMPENSATION (Details - Option activity) - Equity Option [Member] | 9 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of stock options outstanding - at beginning | shares | 904,626 |
Weighted average exercise price options outstanding- at beginning | $ / shares | $ 4 |
Weighted Average Contractual Life | 7 years 29 days |
Number of options exercised | shares | (3,000) |
Weighted average exercise price - exercised | $ / shares | $ 2.55 |
Number of options granted | shares | 179,003 |
Weighted average exercise price - grants | $ / shares | $ 6.03 |
Number of options cancelled | shares | (21,999) |
Weighted average exercise price - cancelled | $ / shares | $ 5.84 |
Number of stock options outstanding - at ending | shares | 1,058,630 |
Weighted average exercise price options outstanding- at ending | $ / shares | $ 4.31 |
Weighted average contractual life | 6 years 9 months 14 days |
STOCK-BASED COMPENSATION (Det_3
STOCK-BASED COMPENSATION (Details - Options by exercise price) | 6 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Option 1 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 1.44 |
Number of shares outstanding | shares | 20,000 |
Weighted average contractual life | 3 years |
Weighted average exercise price | $ 1.44 |
Exercisable number of shares | shares | 20,000 |
Exercisable weighted average exercise price | $ 1.44 |
Option 2 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 1.50 |
Number of shares outstanding | shares | 26,666 |
Weighted average contractual life | 3 years 2 months 19 days |
Weighted average exercise price | $ 1.50 |
Exercisable number of shares | shares | 26,666 |
Exercisable weighted average exercise price | $ 1.50 |
Option 3 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 1.65 |
Number of shares outstanding | shares | 5,000 |
Weighted average contractual life | 5 years 3 days |
Weighted average exercise price | $ 1.65 |
Exercisable number of shares | shares | 5,000 |
Exercisable weighted average exercise price | $ 1.65 |
Option 4 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 2.10 |
Number of shares outstanding | shares | 33,333 |
Weighted average contractual life | 5 years 4 months 6 days |
Weighted average exercise price | $ 2.10 |
Exercisable number of shares | shares | 33,333 |
Exercisable weighted average exercise price | $ 2.10 |
Option 5 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 2.19 |
Number of shares outstanding | shares | 208,996 |
Weighted average contractual life | 3 years 11 months 1 day |
Weighted average exercise price | $ 2.19 |
Exercisable number of shares | shares | 208,996 |
Exercisable weighted average exercise price | $ 2.19 |
Option 6 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 2.70 |
Number of shares outstanding | shares | 12,000 |
Weighted average contractual life | 1 year 2 months 8 days |
Weighted average exercise price | $ 2.70 |
Exercisable number of shares | shares | 12,000 |
Exercisable weighted average exercise price | $ 2.70 |
Option 7 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 3.75 |
Number of shares outstanding | shares | 15,000 |
Weighted average contractual life | 6 years 11 months 19 days |
Weighted average exercise price | $ 3.75 |
Exercisable number of shares | shares | 15,000 |
Exercisable weighted average exercise price | $ 3.75 |
Option 8 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 3.90 |
Number of shares outstanding | shares | 146,325 |
Weighted average contractual life | 6 years 2 months 12 days |
Weighted average exercise price | $ 3.90 |
Exercisable number of shares | shares | 146,325 |
Exercisable weighted average exercise price | $ 3.90 |
Option 9 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 4.20 |
Number of shares outstanding | shares | 23,332 |
Weighted average contractual life | 7 years 7 months 20 days |
Weighted average exercise price | $ 4.20 |
Exercisable number of shares | shares | 23,332 |
Exercisable weighted average exercise price | $ 4.20 |
Option 10 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 4.26 |
Number of shares outstanding | shares | 33,333 |
Weighted average contractual life | 6 years 5 months 12 days |
Weighted average exercise price | $ 4.26 |
Exercisable number of shares | shares | 33,333 |
Exercisable weighted average exercise price | $ 4.26 |
Option 11 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 4.35 |
Number of shares outstanding | shares | 1,666 |
Weighted average contractual life | 7 years 11 months 8 days |
Weighted average exercise price | $ 4.35 |
Exercisable number of shares | shares | 1,666 |
Exercisable weighted average exercise price | $ 4.35 |
Option 12 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 4.50 |
Number of shares outstanding | shares | 23,332 |
Weighted average contractual life | 6 years 8 months 8 days |
Weighted average exercise price | $ 4.50 |
Exercisable number of shares | shares | 23,332 |
Exercisable weighted average exercise price | $ 4.50 |
Option 13 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 5.04 |
Number of shares outstanding | shares | 179,997 |
Weighted average contractual life | 8 years 2 months 4 days |
Weighted average exercise price | $ 5.04 |
Exercisable number of shares | shares | 179,997 |
Exercisable weighted average exercise price | $ 5.04 |
Option 14 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 5.43 |
Number of shares outstanding | shares | 10,000 |
Weighted average contractual life | 8 years 6 months 3 days |
Weighted average exercise price | $ 5.43 |
Exercisable number of shares | shares | 10,000 |
Exercisable weighted average exercise price | $ 5.43 |
Option 15 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 5.61 |
Number of shares outstanding | shares | 10,000 |
Weighted average contractual life | 9 years 1 month 13 days |
Weighted average exercise price | $ 5.61 |
Exercisable number of shares | shares | 0 |
Exercisable weighted average exercise price | $ 0 |
Option 16 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 5.85 |
Number of shares outstanding | shares | 58,336 |
Weighted average contractual life | 8 years 9 months 3 days |
Weighted average exercise price | $ 5.85 |
Exercisable number of shares | shares | 2,780 |
Exercisable weighted average exercise price | $ 5.85 |
Option 17 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 5.93 |
Number of shares outstanding | shares | 4,000 |
Weighted average contractual life | 9 years 9 months 10 days |
Weighted average exercise price | $ 5.93 |
Exercisable number of shares | shares | 4,000 |
Exercisable weighted average exercise price | $ 5.93 |
Option 18 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 6 |
Number of shares outstanding | shares | 29,997 |
Weighted average contractual life | 7 years 11 months 19 days |
Weighted average exercise price | $ 6 |
Exercisable number of shares | shares | 10,000 |
Exercisable weighted average exercise price | $ 6 |
Option 19 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 6.26 |
Number of shares outstanding | shares | 90,000 |
Weighted average contractual life | 9 years 9 months |
Weighted average exercise price | $ 6.26 |
Exercisable number of shares | shares | 90,000 |
Exercisable weighted average exercise price | $ 6.26 |
Option 20 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 6.27 |
Number of shares outstanding | shares | 80,653 |
Weighted average contractual life | 8 years 10 months 9 days |
Weighted average exercise price | $ 6.27 |
Exercisable number of shares | shares | 26,884 |
Exercisable weighted average exercise price | $ 6.27 |
Option 21 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 6.78 |
Number of shares outstanding | shares | 46,664 |
Weighted average contractual life | 8 years 7 months 20 days |
Weighted average exercise price | $ 6.78 |
Exercisable number of shares | shares | 35,554 |
Exercisable weighted average exercise price | $ 6.78 |
Options [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of shares outstanding | shares | 1,058,630 |
Weighted average contractual life | 6 years 9 months 14 days |
Weighted average exercise price | $ 4.31 |
Exercisable number of shares | shares | 908,198 |
Exercisable weighted average exercise price | $ 4.02 |
Options [Member] | Minimum [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | 1.44 |
Options [Member] | Maximum [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise prices | $ 6.78 |
STOCK-BASED COMPENSATION (Det_4
STOCK-BASED COMPENSATION (Details Narrative) - Equity Option [Member] | Mar. 31, 2023 USD ($) |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Aggregate intrinsic value of "in the money" outstanding | $ 2,623,768 |
Aggregate intrinsic value of "in the money" exercisable | $ 2,515,877 |
REVENUE RECOGNITION (Details -
REVENUE RECOGNITION (Details - Revenues) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||||
Revenues | $ 5,048,065 | $ 5,886,961 | $ 5,085,301 | $ 4,651,352 | $ 16,020,327 | $ 10,884,737 |
Engineering Design Services [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 1,400,780 | 1,532,414 | 4,745,358 | 3,659,667 | ||
Optical Components [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 2,609,983 | 1,927,963 | 7,842,804 | 4,873,294 | ||
Medical Device [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 1,037,302 | 1,190,975 | 2,832,165 | 2,351,776 | ||
Technology Rights [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | $ 0 | $ 0 | $ 600,000 | $ 0 |
REVENUE RECOGNITION (Details _2
REVENUE RECOGNITION (Details - Contract liabilities) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract Liabilities, Beginning of Period | $ 794,981 | $ 1,137,470 | $ 905,113 | $ 450,084 |
Assumed in business acquisition | 0 | 0 | 0 | 826,679 |
Unearned revenue received from customers | 1,020,669 | 774,316 | 1,917,775 | 1,388,700 |
Revenue recognized | (427,844) | (893,511) | (1,435,082) | (1,647,188) |
Contract Liabilities, End of Period | $ 1,387,806 | $ 1,018,275 | $ 1,387,806 | $ 1,018,275 |